Addex Therapeutics Ltd. (NASDAQ: ADXN)

Addex Therapeutics Ltd is a Swiss limited company organized under the laws of Switzerland. It was founded in 2002 and has its principal executive offices in Geneva Switzerland. The company operates as a clinical stage pharmaceutical firm focused on the discovery and development of novel orally available small molecule drug candidates that act as allosteric modulators of G protein coupled receptors. Its pipeline includes dipraglurant a metabotropic glutamate receptor subtype 5 negative allosteric modulator being evaluated for post stroke traumatic brain injury recovery ADX71149 a metabotropic glutamate receptor subtype 2 positive allosteric modulator whose future indications are under review and a GABAB positive allosteric modulator program licensed to Indivior for substance use disorder and retained by Addex for chronic cough. Addex also holds a 20 percent equity interest in Neurosterix US Holdings LLC following the divestment of its allosteric modulator discovery platform in April 2024.

The company generates revenue mainly through upfront license fees milestone payments research funding and royalty entitlements from its collaboration agreements. It received an upfront payment of USD 5.0 million from Indivior for the GABAB PAM program and has earned additional research funding amounting to tens of millions of Swiss francs from Indivior Janssen and other partners. Addex also receives grant support from foundations such as the Michael J. Fox Foundation the National Institute on Drug Abuse and the Charcot Marie Tooth Association which contributes to its preclinical and clinical work. Through these arrangements the company has reported aggregate revenue of CHF 66.8 million for the period from inception through December 31 2024.

Addex Therapeutics occupies a specialized niche in the allosteric modulation field competing against large multinational pharmaceutical companies and focused biotech firms. For its dipraglurant program targeting post stroke traumatic brain injury recovery it faces competition from efforts such as Teva s armodafinil combination studies Inserm s galantamine trials UCLA s L DOPA therapy and KSA s L DOPA with physiotherapy. In the GABAB PAM area for substance use disorder the company competes with established therapies like buprenorphine naltrexone bupropion varenicline acamprosate disulfiram and with emerging agents such as Astellas s ASP8062. For chronic cough the principal rival is the P2X3 inhibitor gefapixant which is approved in some markets but leaves a subset of patients without relief. Addex s competitive advantages stem from its deep expertise in subtype selective GPCR allosteric modulation its patent estate covering multiple chemical series and its ability to partner with larger firms while retaining rights to develop independent indications.

The company s customer base consists of pharmaceutical partners that fund development programs and research foundations that provide grant support. Key partners include Indivior which licenses the GABAB PAM program for substance use disorder and retains rights for chronic cough Janssen which previously collaborated on the mGlu2 PAM ADX71149 and Sinntaxis AB which has an option and collaboration agreement for the mGlu5 NAM dipraglurant. Grant providing organizations are the Michael J. Fox Foundation the National Institute on Drug Abuse and the Charcot Marie Tooth Association. These entities supply financial resources that enable Addex to advance its preclinical and clinical candidates toward potential regulatory milestones.